Monday, July 14, 2008

Icahn Blasts Yahoo; Wanted To Make Yang 'Chief Yahoo'

In a letter filed with the SEC, Carl Icahn accused Yahoo of neglecting to disclose critical details of the new proposal, including Microsoft's willingness to keep current board member Jerry Yang as "Chief Yahoo." .

"I have yet to see a company distort, omit and twist events and facts in the manner that Yahoo has done in their press release," Icahn said.

Icahn pointed to Yahoo's claim that the company was given only 24 hours to decide on the offer. He said Yahoo "neglects to mention that they were offered more time if they would be willing to postpone the annual meeting for a short period."

Yahoo had also argued that the new deal meant the removal of the current board and management team, a move which the company said would destabilize the tech giant.
However, Icahn said Yahoo "neglected to mention we were willing to discuss keeping a number of the current board members and [to keep] Jerry Yang as Chief Yahoo."

On Yahoo's claim that the Microsoft proposal would preclude the potential sale of the whole company, Icahn said: "They neglect to tell you that that train has left the station in that Microsoft is no longer willing to buy all of Yahoo with the current board overseeing.

Ah Carl, 'Chief Yahoo'?

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